Most experienced investors use a property manager - a good one will limit your risk exponentially and free you up to do other things. 

Its tax free money...You can then hold on to it just making 5% in a money market fund with next to no price risk. 

I wish you the best on your journey and please feel free to reach out if ever have any questions about the local Colorado Springs market :)Take Care,Brian Bohrer

I would also argue that there are plenty of landlords out there that have rentals which are currently below market rental price.I assume that this part of the tax code was created to prevent those with multiple homes from letting relatives live in one for almost free, while potentially hiding that rental income and not having it registered as a business and pocketing the money.  

Feel free to reach out if we can help in any way!

This property is debt free.

@Olivia Cannizzobuying a primary residence is a very personal decision, and I normally try not to advise on itbut - buying is expensive, in that you can pay significant closing costs on top of the down paymentso... to buy something to live in for 9 months, and then be negative if it's a rental... and now your 20% is stuck in it and not available for when you movedoesn't make a lot of sense to me unless i am missing something.if you move, you could house hack in the new place with a much lower down payment loan... and that frees up a ton of cash for other things. 

Most cost segregation study companies provide the quote for free.

Feel free to PM me and I'd be happy to chat too

Recently bought my first foreclosure, rehabbed it, currently house hacking, living for free, and making $400 in cash flow.